The effective swap rate which is paid or received by a swap‘s counterparty. This rate results from adding up the swap rate and swap spread. The swap spread is added to the benchmark yield for the fixed rate. An investor will pay fixed at the bid rate and receive fixed at the offered rate. For example, for a swap term of 4 years, the offered rate (benchmark) and the offered spread are supposedly 4.5%, 30 basis points, respectively, then a corporate borrower seeking to exchange floating rate payments for fixed rate payments (i.e., pay fixed and receive floating) would pay an all-in swap rate of 4.5% plus 0.3%, or 4.8%.